TVS Srichakra to invest Rs 1,000 cr to expand manufacturing capacity
Tyre maker TVS Srichakra Ltd on Tuesday announced a Rs 1,000 crore investment over a period of three years to ramp up its manufacturing capacity.
The capital expenditure of Rs 1,000 crore will be used to ramp up manufacturing at its Madurai and Pantnagar plants, the company said in a statement
“This investment is planned to be made over a three-year period. The investment, when fully made, will result in an increase in two and three-wheeler tyre capacity by 25-30 per cent and doubling of off-highway tyre capacity from current levels,” it added.
TVS Srichakra has manufacturing facilities at Madurai in Tamil Nadu and Pantnagar in Uttarakhand with a production capacity of over 3 million tyres a month.
Commenting on the planned investment, TVS Srichakra Limited Director S Ravichandran, said, With a wide distribution network in India, growing international presence and building state-of-the-art capabilities in R&D and product development, we are further strengthening our manufacturing capabilities to cater to the growing demands in India and abroad.”
He further said,”We believe that this capital outlay will enable TVS Eurogrip (the company’s tyre brand) to further its growth aspirations and help strengthen its partnerships with vehicle manufacturers and create new benchmarks in the replacement and global markets.”
This investment reflects the company’s “fullest confidence in India’s recovery and its prospects in the medium to long-term and is our contribution to Atmanirbhar Bharat, Ravichandran said.
In FY 19-20, the company had announced the launch of its new brand TVS Eurogrip as well as a new range of products. The company had also announced setting up of its product design centre in Milan, Italy.
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